Exodus and MoonPay to Launch Dollar-Backed Stablecoin for Payments

According to Cointelegraph, digital asset platform Exodus has teamed up with MoonPay to introduce a US dollar-backed stablecoin aimed at facilitating everyday transactions. The Exodus Movement, known for its popular crypto wallet, revealed plans on Tuesday for the stablecoin's launch in early 2026. MoonPay, a prominent crypto payments platform and fiat on-ramp, will be responsible for issuing and managing the stablecoin. The stablecoin will be developed using M0, a stablecoin infrastructure platform that enables companies to create, issue, and manage custom stablecoins. This new stablecoin, yet to be named, is designed to simplify digital dollar transactions for consumers without requiring extensive crypto knowledge. It will be integrated into Exodus Pay, allowing users to spend and send money while maintaining self-custody. JP Richardson, co-founder and CEO of Exodus, emphasized the growing importance of stablecoins in facilitating on-chain dollar transactions, noting the need for user experiences that align with modern consumer app expectations. MoonPay initiated its enterprise stablecoin business in November, focusing on issuing and managing digital dollars across various blockchains while utilizing M0’s open infrastructure. Luca Prosperi, co-founder and CEO of M0, highlighted the demand from enterprises for stablecoins that are programmable, interoperable, and tailored to specific product experiences. The stablecoin market has seen significant activity this year, driven by the GENIUS Act passed in July, which established a federal regulatory framework for fiat-backed stablecoins in the United States. The Trump family DeFi platform, World Liberty Financial, launched the USD1 stablecoin in March, while global payments platform Stripe introduced stablecoin-based accounts to clients in over 100 countries in May. Additionally, Tether announced a regulatory-compliant stablecoin called USAT in September. Despite the influx of new entrants, the stablecoin market remains dominated by two major players: Tether (USDT) and Circle’s USDC. Tether holds a market share of approximately 60% with a circulating supply of $186 billion, while USDC accounts for 25% with a market cap of $78 billion. Together, these two stablecoins represent 85% of the total stablecoin market capitalization, which exceeds $310 billion, as reported by CoinGecko.